The reorganization of Cassiar Mining has been completed with Cassiar now a wholly owned subsidiary of newly listed Princeton Mining (TSE). Cassiar shareholders received one share of Princeton for each share of Cassiar held.
The new structure distances the company’s asbestos mining from other operations which now include the Similco copper mine, a 20% stake in Rea Gold (TSE), and the recent joint venture with Societe d’Exploration Miniere Mazarin (ME) to develop the Lac Knife graphite deposit.
The company intends to make a normal course issuer bid for up to 404,000 common shares commencing on or after Dec 21, 1989.
In addition, Princeton has declared a 10 cents regular dividend as well as a 10 cents extraordinary dividend payable to shareholders of record on Dec 29, 1989.
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